Anti-Money Laundering Policy
Money laundering is an act of engaging in such financial transactions where money gained from illegal activities is converted into money which appears to be gained through legal means. The objective of this act is to conceal the illegitimate identity of any monetary instrument including cash amounts. That is why national and international laws make it illegal for CASHTREE Ltd. and its employees to be knowingly or recklessly engaged in any activity related to such illegally gained capital.
CASHTREE Ltd. implements a strong anti-laundering policy to ensure that its customers will be identified for such suspicions up to a certain standard to minimize the procedural complications for genuine and legitimate customers. In order to fulfil its commitment to provide full assistance to governments combating against such illegal financial transactions, CASHTREE Ltd. has developed a technologically advanced and reliable electronic system, which completely verifies its client identity and is able to maintain a detailed record of all previous financial transactions. CASHTREE Ltd. makes sure to track all suspicious activities and report any these to the relevant law enforcement bodies. That is why complete legal protection is provided to clients who share confidential financial data with the company. To discourage money laundering and related illegal activities CASHTREE Ltd. does not deal in cash transactions whether to deposit or withdraw funds. Our company reserves the right to suspend any transaction where it finds even a suspicion of money laundering.
Like other financial institutions CASHTREE Ltd. has also set up a compliance regime in order to fulfil its formal legal requirements. This includes the appointment of a Compliance Officer, policy making, regular review of their implementation and impact and professional compliance training to regime staff members. CASHTREE Ltd. also ensures regular updating of its electronic systems to modern rules and regulations developed for more sophisticated checks to trace money laundering and other criminal financial practices. Professional training is provided for CASHTREE Ltd.’s employees to trace such illegal activities and to use modern technological systems, which constitutes part of CASHTREE Ltd.’s essential policies.
In order to fully comply with anti-money laundering laws, CASHTREE Ltd. demands two kinds of documents for the satisfactory identification and verification of customers’ account. The first one is a government issued document with a photo of the customer on it. It can be a passport, driving license or regular ID card which must be issued by the government. The second one is any bill or document with the complete name and address information on it. It can be a utility bill, bank statement, affidavit or any other type of bill which contains the correct personal information (name and address). The proof of address must not be more than 3 months old. Moreover, CASHTREE Ltd. requires an electronic signed application form submission. Customers are also required to inform CASHTREE Ltd. if there are any changes to their personal information. In case documents are in a non-western language, they must first be translated into English by any official translator and this translated copy must be duly signed and stamped by that translator and submitted along with other related documents and clients’ photo on it
[Deposits and Withdrawals]
In case of money deposits the sender name must match the name of customer present in CASHTREE Ltd. record. No third party mediation is allowed in this case so Mr. A cannot deposit money from his name for Mr. B. Similarly, in case of a money withdrawal, the recipient’s name must match the name of the account holder they are withdrawing money from. If the transaction is online money, then funds will only be withdrawn through same online transfer system to the same account from where it has been transferred.